Two-phase reform of IPO system to be implemented next month

Securities Times reporter Zheng, China Securities Regulatory Commission yesterday formally issued the "guidance on deepening the reform of the IPO system" and "on the amendment < securities issuance and underwriting management measures > Decision", and the implementation of November 1.　　The Securities Regulatory Commission said that the reform of the IPO system is a process of continuous improvement and deepening, and the SFC will further summarize the experience in the implementation of the second stage reform, and continue to push forward the reform in accordance with the principles of cultivating market mechanism and strengthening market restraint. According to the guidance opinion, the second stage reform of the IPO system includes the following four aspects: first, to further improve the purchase and placement of quotation constraints mechanism. In the issue of new shares of small and medium sized companies, the issuer and the principal underwriter shall reasonably set the placing amount of each net under each network according to the size of the distribution and the market conditions, so as to promote the earnest pricing of the inquiry object. According to the amount of each allotment to determine the number of institutions, and then the issue price above the shortlisted quotes for placing, if the shortlisted institutions should be more random wave number, according to the results of the placement of the lottery. The second is to expand the scope of inquiry object, to enrich the network institutional investors. The main underwriter can independently recommend a certain number of institutional investors with higher pricing ability and long-term investment orientation, and participate in the online inquiry placing. Third, enhance the transparency of pricing information. The issuer and his/her principal underwriter shall disclose the specific quotations of the participating inquiry agencies. The principal underwriter shall disclose the conclusion of the valuation of the issuer's shares to the inquiry object during the referral Roadshow stage and the price/earnings ratio or other equivalent index of the issuer's comparable listed company in the same industry. Four is to perfect the callback mechanism and suspend the distribution mechanism.　　The issuer and its principal underwriter shall rationally design the underwriting process and effectively manage the underwriting risk according to the size of the issue and market conditions.　　According to reports, since the SFC August 20 published the guidance and the decision of the draft, a total of 99 feedback received, of which 56 are securities companies, finance companies, stock exchanges and other professional institutions, and 43 other personal investors. The leaders said that the participants in the market had made a lot of constructive comments on the draft guidance and the decision. Mainly focused on two aspects: first, the draft is clear in the request for comments under the net price is not expected to be terminated by the issuer, that is, the net price is not expected, the issuer can unilaterally terminate the issue. In this feedback, some people think that the issue price is the issuer and the main underwriter jointly determined, the issuer of unilateral decision seems wrong.　　According to the opinion of the professional bodies, the SFC has adjusted this article, and finally decided that "under the circumstances of the quotation, the issuer and the main underwriter are not expected, the online purchase is insufficient, the online purchase is not enough to the net after the purchase is still insufficient, you can suspend the issue." The second comment is mainly on "the issuer and his/her main underwriter may reasonably determine the promotion time in accordance with market conditions after the publication of the prospectus". There is feedback that the market may be based on this statement that the publication of a prospectus after the issuing pedestrian and the main underwriter can rootAccording to market conditions to decide the promotion time, select the Distribution window. To avoid this ambiguity, the SFC eventually deleted the sentence.